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A quick guide to unsecured loans

The answer to this depends very much on what your individual circumstances are and the unsecured loan that you are looking to apply for.

There are a numerous lenders in the UK currently offering unsecured loans, however only a small handful of them offer finance products direct to the consumer without having to go through a broker.

Choice of unsecured loan options

If you look at the whole unsecured loan product range you will see a wide variety of products such as variable rates, fixed rates, no settlement penalties, adverse products, types of acceptable income and proof of income requirements.

By going through Fluent Money, you will gain access to these products. If you apply directly to a lender you will be offered the products they have rather than a choice of different options.

Obtaining the best rate unsecured loan

Depending on the loan you are looking for it is not always the case that the lender you can access direct will offer you the best rate based on your circumstances.

Specialist knowledge of Lenders requirements

A unsecured broker will be aware of what each lender requires to complete the unsecured loan. The criteria will vary from lender to lender. This will be vital to obtaining your unsecured loan smoothly and efficiently.

Fluent Money can tell you from day one what you will need to provide to complete your loan.

For one reason or another if you are not able to supply certain items and in that instance if there is no way to proceed with the selected lender the broker will instantly be able to try source alternative products that match your requirements.

Getting approved

The lenders use various approaches to say ‘yes’ to each application. Some will apply a credit score while others will look at the credit profile without applying a score. Most lenders can be flexible in deciding if the application is properly presented to them.

You may have a ‘blip’ on the credit file which a credit score will decline but a unsecured loan broker can approach the lender directly to fight your corner and turn a no into a yes or a higher rate into a lower rate. It is quite normal for a broker to process several cases each day and will be in constant contact with the lenders.

They will be aware of which lenders will look at which cases outside of standard lending criteria.

Bad Credit / Adverse Credit

Having access to a variety of different lenders means this is an area where a unsecured loan broker can really help. When talking about unsecured loans it is a misconception that if you have had a CCJ/Default or other adverse that you will automatically be classed as a ‘bad credit application’, this is not the case.

Each lender will have different criteria for what they will class as ‘adverse’ i.e. the CCJ/Default or other bad credit. It maybe that what one lender sees as ‘bad credit’ another lender will ignore and say yes or offer a better rate than another lender who is counting the application as adverse.

Fluent Money can research the market for you and may find you a lender that will ignore the adverse you have and therefore offer you a lower rate product.

Self Employed unsecured Loans

It is true that lenders will apply different criteria for self-employed applicants compared to employed applicants looking for a unsecured loan.

However, by going through a unsecured loan broker there are benefits that you would not obtain by applying direct. There are lenders that offer lower rates to self-employed that can’t be accessed by the consumer directly and you need to go via a unsecured broker to obtain these products.

Self-employed can also be more complex when it comes to working out what income each lender will use. There are a variety of ways to prove income for a self-employed applicant. It is not the case that to obtain a low rate self-employed unsecured loan you need to be able to prove the level of your income through accounts or the tax return.

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What is two plus two?

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED UPON IT.

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Our Terms

Our charges are based on two considerations: the loan amount and the complexity of your individual circumstances. We will provide you with a free initial consultation and we will always explain what you will be charged before you decide to proceed with an application. As we offer a bespoke service our fees can vary.

We charge an application fee of £295.00, this fee is only charged once your mortgage has been agreed in principle with the lender, once your mortgage offer is issued we charge a broker fee of £495.00. If your circumstances are more complex, we may charge a higher fee. Our maximum fee is 1.5% of the loan value.

These fees apply to regulated mortgages. Certain mortgages, primarily most buy to let and commercial mortgages, are not regulated. Fees for non-regulated mortgages can vary depending on your requirements and circumstances.